Only McDonald's Saved Us From Losing Jobs
Depressing: That one-day hiring binge kept us in the black
By John Johnson, Newser Staff
Posted Jun 3, 2011 12:25 PM CDT
At least Ronald is hiring.   (Getty Images)

(Newser) – Just how lousy were today's unemployment numbers? Employers created a meager 54,000 jobs, way under expectations. Alex Goldmark at Good points out that if not for McDonald's one-day hiring binge of 62,000 jobs, the nation would have had a net loss. "That's what makes today's numbers all the more depressing," he writes. "If it weren't for the country's largest restaurant chain going on a burger flipper binge, the reports wouldn't say 'sharp slowdown' they'd say 'reversal' or 'devastating.'"

Other views:

  • Felix Salmon, Reuters: "The only tiny possible chink of light here is that these numbers are so bad that they might persuade bickering politicians on Capitol Hill to stop playing stupid games with the debt ceiling and start concentrating on important matters. Oh, who am I kidding: We’re in election season now." Until 2013 or so, we'll have to rely on the Fed for salvation, and "that's not a comforting thought."
  • Rex Nutting, MarketWatch: "A deeper problem for the American economy is psychological. Our animal spirits are depressed, and that has inhibited risk-taking." Look at gold prices for proof. "Who is investing in the real economy? Practically no one."

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Showing 3 of 22 comments
Jun 4, 2011 7:46 AM CDT
Where are the jobs you promised republicans ? Where are the jobs Boner ?
Jun 3, 2011 5:38 PM CDT
Yeah those tax breaks for the rich are really working to create jobs.
Jun 3, 2011 5:25 PM CDT
But, if you must focus on the economy, here's the plan for fir the rest of the decade: 1. Everyone who thinks there should be more taxation, should have to pay at the largest tax bracket possible, those who think there should be less taxation should have to pay, say, one tenth of one per cent of their income for tax. 2. Eliminate Federal spending by 75%. 3. 90% of Federally owned real estate in the US should be sold on the private market for development by the private market and 50% of the proceeds should be used to retire the National Debt. The other 50% can be used for US national defense. 4. 100% of US Foreign Aid should be eliminated, all foreign US bases closed and the land sold and/or leases terminated. 5. All US infantry and armor land based fighting forces should be re-deployed to the US for perpetual assignment on the US / Mexico border for permanent training and narco / immigration law enforcement. 5. As soon as 1 through 4 have been implemented, the US should return to a gold backed currency and the Federal Reserve abolished. 6. A new generation of micro nuclear weapon equipped drones should be deployed that target the command and control of every nation on the planet who refuses to sign a new Non-Agression Treaty with the US as enforcer of said treaty through the drone net. No tickee, no shirtee. PS - The above program will create full employment in the US, eliminate our national debt and insure World Peace in our lifetime. Then, we can get serious about the Mars manned exploration. No, I haven't decided to run, yet, but, I'm considering it.